Phillips-Van Heusen Corp. shares fell almost 12 percent in afternoon trading on Tuesday after the company forecasted fourth-quarter and full-year earnings below Wall Street expectations.

The apparel maker said in its earnings release that fourth-quarter profits should be in the range of 51 cents to 53 cents a diluted share, and full-year income will come in around between $3.55 and $3.66 a diluted share. Wall Street was expecting 55 cents a diluted share in the fourth quarter and $3.66 for the year.

Shares reached a new 52-week low of $36.65, before rallying slightly to $38.19.